How Does Safaricom Fuliza Work?
Fuliza is Safaricom’s overdraft service that allows M-PESA customers to complete transactions even when they don’t have enough funds in their M-PESA account. To use Fuliza, customers need to:
- Be registered on M-PESA with an active Safaricom M-PESA line.
- Opt into the Fuliza service by dialing 234# and selecting Fuliza.
- Have been active on the network for at least 6 months.
- Have a good M-PESA repayment history.
Once a customer has opted into Fuliza, they will be able to borrow up to a maximum of Ksh. 100,000. The amount that a customer can borrow will depend on their creditworthiness and repayment history.
To repay a Fuliza loan, customers can top up their M-PESA account using any of the following methods:
- M-PESA agents
- ATMs
- Online banking
- Airtel Money
Customers who repay their Fuliza loans on time will not be charged any interest. However, if a customer fails to repay their loan on time, they will be charged a daily interest rate of 1.5%.
Fuliza is a convenient way for M-PESA customers to access short-term credit. However, it is important to note that Fuliza is a loan and should be repaid as soon as possible to avoid incurring high interest charges.
Here are some of the benefits of using Fuliza:
- It allows customers to complete transactions even when they don’t have enough funds in their M-PESA account.
- It is a convenient way to access short-term credit.
- There are no upfront fees to use Fuliza.
Here are some of the risks of using Fuliza:
- If you fail to repay your loan on time, you will be charged high interest rates.
- You could overspend and end up in debt.
- You could damage your credit rating.
If you are considering using Fuliza, weigh the benefits and risks carefully.
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